Good Evening ALL & Happy New Year! I just have a quick question.
Our Co has been with Square for a few years now. We had our PPP Loan through Square, and we also have had multiple Loans Offered & Approved that were all paid off early. On our latest Loan Offer, it seems like the approval process is taking much longer than usual. We are at 5 business days 2day, and still at pending status? No other info has been requested. And our other Loans usually were approved in 1 or 2 days and then funded the next day. I’m just wondering if this is something new in 2025? And also, if any other of you folks may be having the same issue? Please let me know.
Thanks,
Bob
Mine tend to be more Saturday offers than any other day of the week. Our busiest days are Wednesday-Sat and I tend to get a late night Saturday offers than any other day.
@Kacey_W wrote:I actually have a question for you so I got my second loan offer two weeks ago and it was less than my first offer but the few weeks leading up to me getting my offer literally no card payments except for a few here and there most people were paying cash so I understand why the offer was low. My question is do you think it would be stupid of me to pay this loan off and then that way the algorithm could see because since I’ve got that loan, I’ve had nothing but card payments. It’s back to how it was before I got the loan.
Hey @Kacey_W
So I personally would advise against doing that for a few different reasons. First one being the most important one is the fees that you are going to eat for practically nothing in return. It would be like throwing away all of that money literally. Second reason I wouldn't go this route is that it can take 10 business days for the funds to clear, and the loan to be paid off. You then get tossed back into the algorithm and an offer is not guaranteed at any point in time regardless of paying it off.
If I were you, I would just do business as normal, and when it pays off, it pays off. But that is just y .02 though. I would do/take what you can with that loan that was offered, recoup the fee;s that were spent and then hopefully your next offer when that is paid off if you decide to take it is the amount you are looking for if needed!
Thanks
@Mpechlys wrote:Just got my offer waiting on approval
Congratulations!
Thank you
Congratulations!!!!! So, 8 days am I remembering correctly? I didn't cheat either and look back?
My first offer took a few days, I didn’t accept, they took it back, than a few days later new offer came in, a lot higher than the first loan, 7k more than second offer that I didn’t accept.
I’m really regretting accepting my 2nd loan I got less than 2 weeks ago cause it was $500 less than my first loan. But my husband is out of work and all my color supplies were getting low and I had to accept it. Lesson learned for next time to wait! I’ve thought about paying this 2nd loan off in full actually and see what offer I get next cause 75% or more of my sales have been all card. Month leading up to my last offer it was all cash payments so I get why it was lower but wish I had waited it out.
The sooner square see you can pay it off the better because honestly I feel like new users at 100% paid off get a offer within 2-3 weeks from what I’m seeing.
I thought I saw you posted an update and approved it as well. I am glad to hear that holding out worked out in your favor.
You received your approval and are all set now correct? I believe I have seen your post on the update.
Yes accepted and approved same day, my next goal is to eventually get saving set up but it says business not eligible
Is it your business or how is your business ownership or license set up? Some of it could be because just your SSN or personal bank account might not be enough. Some required an EIN, business bank account, and the title or role you are in a business (if an LLC) some could be as simple as how long a history you've been working with them. I have a Square savings set up and love it! Out of sight and out of mine. Just like my LOC at my credit union, it's for emergencies only and I keep it that way. I have been watching your post and in 2 loans you picked up a lot of information back here. That's awesome and really we are our greatest resource is each other! Keep pushing forward and build that business! Good luck with everything you have ahead of you!
It’s my business, under my LLC, I’ve always worked under a mom and pops shops, just past few years I’ve finally set a goal and open my own this year, own building, own business. I wonder maybe because everything is brand new. My business building and license and square and all that started in Jan. 1 2025
It states from day 1 you can open both checking and savings. It does state to make sure all information you are putting into the Square savings account matches identical to what you put down for Square. So, when you first started or whatever you put down when you opened up your Square account has to match the savings account. A lot of businesses start as sole proprietors and then become LLCs. Your business type I looked up, no issues there. That's the only thing I could see that might be wrong with it. It does say if you have any questions or issues signing up please call and tell them you have an issue with Square Savings and a live agent is available to help guide you through it.
I’ll call in the morning thanks
You're welcome!
Hi, this my second loan at 96% paid off & all green .
Do you know why I still don't get any new offer? Ty
Hate to be the bad news giver but my loan was paid off 2 weeks or more before I got my loan offer!
I'll 2nd that!
After my loan was paid off I received a new offer 4 days later
Thank you for sharing that. It does help others. We are the best tool available!
Facts. No problem
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